How To Have Complete Confidence In Your Trading
Today we have the pleasure of introducing Dr. Barry Burns from Top Dog Trading. Dr. Burns knowledge has come through extensive study, dubious research, and thousands of his own dollars learning from professionals. His intent was to expand his knowledge and share it with others! Without further delay, please welcome Dr. Barry Burns.
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Good Morning Trader's Club Members!
Traders often get frustrated when they see the market doing the "unexpected."
This occurs because they have a pre-conceived idea of what the market "should do." And when it doesn't behave according to their Wave Count, or their Gann calculations or their Fibonacci cluster or their indicators' clear signals ... well, they just get frustrated.
This comes from a belief that the market has a pattern that is knowable and should be followed consistently.
People much smarter than I have been studying the markets for many, many years. Yet the debate is alive and well as to whether or not the market is simply a "random walk."
The fact the subject has not been settled among the greatest thinkers is significant.
My belief is ... yes, it mostly is chaotic. It is completely unpredictable. It is impossible to forecast.
But, and this is an important "but," there are times ... and it isn't most of the time... but there are times when certain patterns occur that put the PROBABILITIES of a certain action occurring.
Note that this is not predicting or forecasting. The truth is, the market can do ANYTHING AT ANY TIME.
You should never be surprised, confused or frustrated, because that indicates you had some expectation of the future.
Let me clarify ...
You should never be surprised, confused or frustrated about what the MARKET does. You should only be surprised, confused or frustrated about what YOU do. This is because you cannot control the market. The only thing you can control is your own behavior.
Therefore to master trading is not to master the markets, but it is to master yourself. And you will have done this when you only trade when probabilities are clearly on your side, as evidenced from thorough testing that you yourself have conducted to your own satisfaction.
To master yourself means (among other things):
1. Do not pass on trade setups that meet your criteria.
2. Do not trade while tired or under emotional stress.
3. Do not over trade.
4. Master money managment.
5. Keep your stops - maintaining small losses.
6. Let your winners run for big profits.
7. Don't give up on a valid methodology when it goes through a normal drawdown period.
These are just 7 of the most common psychological challenges every trader must wrestle with.
Your success or failure will depend much more on how you handle these challenges than which indicators you use or which time interval you trade.
As someone once said: "The consistency you need is in your mind, not in the market."
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BIO:
Dr. Barry Burns writes a blog and produces videos for Top Dog Trading
He offers a 5-day free video trading course which can be accessed here:
http://www.topdogtrading.com/enter.html
How to turn a $99 investment into a lifetime of trading success
Tuesday, June 3rd, 2008
FR: Adam Hewison, President INO.com
RE: How to turn a $99 investment into a lifetime of trading success
Dear Trader,
Learning by experience can be costly, especially in the financial markets. Fortunately, there are shortcuts. "I've changed from losing money to consistently making a profit," says Paul, a trader from Illinois. "I've learned techniques that really have made a big difference in my trading." He credits INO TV's streaming educational videos and audios for his success. INO TV is a division of INO.com, a pioneer in the web-based delivery of financial information since 1995.
Traders of all levels will appreciate INO TV's online digital library of video and audio seminars, the largest and most comprehensive collection of trader and investor seminars available anywhere today. INO TV's seminars-currently numbered at 547 with more being added all the time - present time-tested theories, techniques, and strategies from over 150 master traders. INO TV offers traders an easy and convenient way to improve their skills, confidence, and profits.
Traders say online seminars are more convenient, less costly compared to the high price tag of live seminars, INO TV's annual membership fee of $99.95 (or $49.95 for three months) is a bargain. While many traders find the live atmosphere of seminars enjoyable, others find that the registration fees, travel expenses, and hotel charges are cost prohibitive. Dean, a trader in the UK, is one of the latter. The live seminar he attended, which cost him $7,500, failed to meet his expectations. "I should have avoided going to the actual seminar," he says. "What I learned through the online videos was more than what they were giving me at the seminars." Dean says that the knowledge he acquired in a single month of viewing INO TV online would have cost him about $24,000 in seminar fees.
It's not just the cost that makes INO TV so attractive to traders. It's also the convenience. Dirk, a financial writer and seminar instructor in the Netherlands who has been an active trader for over a decade, elaborates. "I was invited by my broker to attend a seminar on futures. For me, coming from a small village near Amsterdam, that would be a time consuming and high-priced event," he explains. "It is far more convenient to watch a video online. Watching them at any convenient time and seeing them again and again brings a trader far more value while being very time efficient."
Anyone with a computer and a high-speed internet connection can take advantage of INO TV's digital seminar collection. The on-demand streaming seminars feature some of the world's top experts, whose ranks include trading systems pioneers, trading contest champions, authors, trading coaches, and real floor traders. Many of the seminars come with free downloadable workbooks. INO TV's digital library of trading seminars is the most extensive collection available online, and these seminars are not available anywhere else. Members are free to watch and listen to as many seminars as they want, as often as they want, for one low membership fee. A 3-month membership is just $49.95, and an annual membership just $99.95. To enroll, go online.
A special note from Adam:
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Even though I caught some lucky breaks early in my financial career and went on to become a successful forex trader, I still look back with 20/20 hindsight and realize that I could have been more successful, sooner, if I had been a more educated trader. That's why I'm so excited about what we have to offer at INO TV: proven trading techniques - practical tools for consistent success - step by step trading methods that will empower you to build wealth and create the life you want. And all straight from the lips of the masters themselves. If you do nothing else today, visit INO TV and find out if the service is right for you
Adam Hewison
Co-Creator, INO TV
How to trade successfully in any market
Traders Whiteboard Series
Lesson # 8
In this edition of Traders Whiteboard, we will be looking at five key components that you need to be successful in your trading. The ones we have picked out today are not on every pro trader's suggested list, so I think they will be a surprise to you.
We consider these five components to be incredibly important to anyone's trading success, most of all yours.
If you have the time check out our other Traders Whiteboard lessons. We now have a total of eight lessons that you can benefit from and they're available here.
Watch the whole Whiteboard Series
Wishing you the best in life and trading,
Adam Hewison for the Traders Whiteboard Series
"Saturday Seminars" - Five Basic Trading Patterns & Their Applications To The Markets
Linda discusses five choice trading patterns she uses. Based on a logical set of market principles, these five patterns work equally well in equity and commodity markets. Understanding these enduring market setups provides you with a solid foundation for trading technically. They simplify analysis for the beginner and give the aggressive trader added confidence. Linda has used these patterns as the core of her intermediate-term analysis but they work well on any timeframe.
PDF WorkbookRaschke will explore :
- Double Tops/Bottoms
- Divergent Buy/Sell
- Anti Minor
- Sling Buy/Sell
- First Cross
Linda Raschke has been a full-time professional trader for over 20 years. She began her trading career on the Pacific Coast Stock Exchange and later moved to the Philadelphia Stock Exchange. Linda was written up in Jack Schwager's book, "The New Market Wizards" and in "Women of the Street" by Sue Herera. In 1995, she co-authored the best selling book "Street Smarts - High Probability Short Term Trading Strategies." Linda continues to trade every day.
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For more audio and video seminars please visit INO TV
